March 2017 Phoenix Area Real Estate Market Update

March saw a healthy upswing in Phoenix/Maricopa County area real estate. When we look at the graph below, we can see that trend-wise, the number of new and total listings on the market, along with sold listings is up. One notable change is the months of inventory (which is the number of months the current inventory would last given the level of buying activity.) March 2017 showed 2.28 months of inventory, a low number we haven’t seen for quite a while. Given that the number of new listings increased almost 2,000 over February, the number of active listings (which includes new listing AND those that came on the market earlier) is less than 200 more from the previous month, indicating that buyers are eagerly snapping up inventory.

When we compare March 2017 with March 2016, we see that the real estate market continues to grow.

March 2017 new listings, 10,627 versus 8,847 in February and 9,976 in March 2016.

March 2017 active listings, 18,824 versus 18,670 in February and 20,865 in March 2016.

March 2017 sold listings, 8,239 versus 5,782 in February and 7,432 in March 2016.

March 2017 average sale price $301,192 versus $297,114 in February and $280,048 in March 2016.